MUSCAT, SEP 25
The total trade exchange between countries of the Gulf Cooperation Council and the Republic of China amounted to USD 297.9 billion in 2023, according to recently released data by the GCC statistical information.
The figure indicates a 5.8 decline from 2022’s amount of $316.1 billion. However, the Republic of China remains as the GCC’s top trading partner.
In 2023 exports from the GCC to China experienced a 16.7% decline of approximately $31.7 billion to reach $158.3 billion.
Petroleum and hydrocarbon products made up for 88.3% of exports, with a value of $139.8 billion, while miscellaneous exports accounted for 3.2% of exports valued at $5.0 billion, followed by plastics and plastic products (3%) with a value of $4.7 billion.
Exports of organic chemical products accounted for 2.6% with a value of $ 4.1 billion, followed by electrical machinery and equipment worth $3.4 billion (2.1%). Finally, machinery and mechanical appliances accounted for 0.8% of exports with a value of $1.3 billion.
On the other hand, imports from China into the GCC increased by 10.8% in 2023, amounting to $139.6 billion in value, compared to $126.6 billion in 2022.
Imports of electrical machinery and hardware made up 37.2% of imports with a value of $52 billion, followed by imports of miscellaneous items, representing 30.7% of imports, valued at $42.8 billion.
Machinery and mechanical appliances represented 17.2% of imports with a value of $24.0 billion, followed by motor vehicles, wagons and parts – accounting for 7.4% of imports - with a value of $10.4 billion.
Good manufactured from steel and iron made up for 3.9% of imports valued at $5.4 billion, while imports of finished iron and steel represented 5% of imports with a value of $5 billion.
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